I hate centralized exchanges and that they feel entitled to my money and to put regulations that are against me and justify it as "for my protection and safety" like we froze your account and and confiscated your money "for your safety".
I can't wait for someone to invent a fully decentralized exchange that works well and puts these people out of business I hate them forcing rules on me and having the ability to steal my money and freeze my account!
Topic: DANGER* Poloniex Deposit/Withdrawal "Awaiting Approval" delays. *DANGER (Read 289 times)
June 09, 2017, 07:54:36 AM
June 09, 2017, 07:50:09 AM
Hi All,
I currently have a GNT withdrawal delayed, i.e. Awaiting Approval, for 4 days, which I initiated on June 5.
Can other Poloniex users please post their experience?
It is really important to track this type of behaviour.
How many times has this happened to you? On what dates?
First, these types of delays are completely unacceptable.
Second, it is a big warning flag.
What are the possibilities?
1. they create delays to cope with missing assets that they either sell or move off the exchange. (possibly to short etc)
2. delayed deposits/withdrawals play into pump and dump manipulations, since there have been indications/accusations, based on trading volume, that this is going on.
3. They are overwhelmed by support requests.
4. ??
In any case the longer this goes on the higher the likelihood of it being (1) or (2) which means they can't be trusted
Adding to all of this is the huge backlog on verification level 2 requests. It doesn't make sense.
These requests are PURE PROFIT for Poloniex since if Poloniex is legit this means more trading volume. If they are like most startups I know they would just be doing 1 minute quick checks to satisfy the nominal requirements and then clicking "accept". If they didn't have enough people they'd hire people off the street for $10/hr to click "accept". Money, money, money.
So Occam's razor says the feet-dragging on verifications is to avoid withdrawals. Sorry. Nothing else makes sense.
I won't be using Poloniex in the future. It feels like Gox all over again.
Beware everyone.
I currently have a GNT withdrawal delayed, i.e. Awaiting Approval, for 4 days, which I initiated on June 5.
Can other Poloniex users please post their experience?
It is really important to track this type of behaviour.
How many times has this happened to you? On what dates?
First, these types of delays are completely unacceptable.
Second, it is a big warning flag.
What are the possibilities?
1. they create delays to cope with missing assets that they either sell or move off the exchange. (possibly to short etc)
2. delayed deposits/withdrawals play into pump and dump manipulations, since there have been indications/accusations, based on trading volume, that this is going on.
3. They are overwhelmed by support requests.
4. ??
In any case the longer this goes on the higher the likelihood of it being (1) or (2) which means they can't be trusted
Adding to all of this is the huge backlog on verification level 2 requests. It doesn't make sense.
These requests are PURE PROFIT for Poloniex since if Poloniex is legit this means more trading volume. If they are like most startups I know they would just be doing 1 minute quick checks to satisfy the nominal requirements and then clicking "accept". If they didn't have enough people they'd hire people off the street for $10/hr to click "accept". Money, money, money.
So Occam's razor says the feet-dragging on verifications is to avoid withdrawals. Sorry. Nothing else makes sense.
I won't be using Poloniex in the future. It feels like Gox all over again.
Beware everyone.
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